This bloody “stress test” fiasco has mutated into the car presentation scene in every “My Super Sweet Sixteen” ever filmed. In fact, about everything the administration does looks MTV to us lately. First the car (stress test) is discussed.
“The Secretary and the Department of the Treasury have long recognized that transparency was important for taxpayers, important for the banks and important for the overall stability of the financial system,” said White House spokesman Robert Gibbs. “And I think that’s what you’ll see.”
Then the make and model is discussed. Bickering ensues. It’s not clear the desired car (stress test results) will be forthcoming.
Gibbs declined to comment on what the results would be, however he said the tests would be completed – in a “systematic and coordinated” way — around the beginning of May.
Obfuscation heightens the drama (better not disclose the results early, before the party, you know).
Government officials are pressing banks not to disclose information about the stress tests in the next few weeks before they are complete. There is a worry that details will spill out during bank earnings season, which started this week. Treasury officials expect earnings season to be completed before the stress tests are finished.
Bratty behavior suggests the stress tests might not turn out as desired.
However, it’s unclear whether banks will have the option of ignoring the results. Regulatory observers argue that there are a wide variety of ways bank regulators could pressure banks to take government capital or do other things, even if they are opposed to the idea.
Now, apparently, some hint about the car might be released early. Or not. Or maybe.
Roll out the car, start the credits and put an end to the damn show already. We’re already sick of listening to this brat and RealTrue Life: I Work At The Fed is on next.
White House: U.S. to release some stress test details [MarketWatch]
“The stress tests…include a pessimistic scenario where the unemployment rate rises to 8.9% by the end of this year with home prices falling an additional 22% for the same period.”
ahem, wasn’t the unemployment rate in 8.5% in march? I’m not sure 8.9% by the end of the year is very, um, how do you say…”pessimistic”. am I missing something here? *cough* stress test is a farce *cough*
Summers and Geithner work for Wall Street. That’s good.
the same goes for the budget. Worst case we only grow at 3% for 2010. Then growth is faster than China. See that is how we can spend on everything and not worry. This is worst case people.
Oh and by the way, the stimulus is already under budget.
@ Cluzo
You see, when you’re in Washington, everything just seems, er, IS, sunnier! Sure, unemployment may get to 10% by year-end, GDP may be -3%, etc, etc, but HEY, this is AMERICA, and WE CAN DO IT!
EP, maybe you should leave the MTV references to Bess? I think you mean True Life, and earlier today you meant the Real World? Or maybe my british humor detector is broken.
-young whippersnapper who won’t get off your lawn
No, you are correct, actually.
@5- no. anyone who’s watched my super sweet 16 knows there’s always an elaborate car presentation to the little brat.
Let’s add Whitney Knows Best to the lineup.
The stress test is a modified z-score. Our new z-score economy will prove what I have always suspected, Adam Smith was full of shit. A fraud and phony for it was him on the grassy knoll eating baloney; tin-foil helmet and all. Bullet to the back of head capitalism will fall.
z2.675 = No distress predicted
z2.675 = No distress predicted
What you fail to factor in Cluz is the “fuck it” factor. The worse the job market gets the more people that say “two tears in a bucket so what fuck it.” Unemployment should be 6% by the end of the year. Welcome to TARP economy math 101.
South Park, as always, gets it right.
Satan wanted a Ferrarri cake. Unfortunately, the job had to be left up to three bumbling serial killers.
So I’m thinking Satan = Wall Street.
Killers/Bakers = administration
Dahmer — Obama
Gacey — Geithner
Ted Bundy — Larry Summers.
I think that is overly flattering to Larry Summers. At least Bundy was good lucking, and midly charming.
Everytime I see or here Summers i can’t help but think “littlest dick, biggest asshole, in any room”
That man and his “its a liquidity problem not a solvency issue” is going to be the single largest contributor to the downfall of western civilization as we have known it.
And i voted for the “hope is a strategy” obama. What an idiot i was to fall for that bullshit. I thought it would take at least 18ms for Summers to marginalize Volcker.
EP: you should have carried this analogy to the end and predicted what car gets rolled out. I say it’s a 1988 Merkur XR4Ti, and Obama/Geithner will say it’s a classic euro luxury car.